Norsk Hydro Invests in Ascent Solar

Norsk Hydro ASA, an offshore producer of oil and gas and global aluminum supplier, acquired 1.6 million shares of the common stock of Ascent Solar Technologies, Inc. in a move to enter the conventional solar energy market.

The acquisition is based on reports that the market for thin film technologies is growing at roughly 70 percent annually. “It’s our ambition to enhance our activities within solar and building systems,” said Jorgen C. Arentz Rostrup, who heads Hydro’s market activities. “We are therefore looking for opportunities to develop integrated building solutions together with Ascent Solar.” “Ascent Solar’s flexible thin film is very exciting. Not only due to the low weight that makes the solar cells easy to transport, install and maintain, but also because flexible solar cells have a large number of potential applications in the future,” he added. The acquisition is a precursor to a strategic relationship between the two parties. Ascent Solar President and CEO Matthew Foster said, “Our stated vision has been to see the day when building integrated photovoltaics will become pervasive and commonplace in the everyday lives of people throughout the world.”
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